Last week proved to be disastrous for Axie Infinity Shards (AXS), the native token for the play-to-earn gaming ecosystem Axie Infinity. The token witnessed a massive drop of over 30% from around $7.6 to just below $5 per token, marking its worst one-week performance in over two years. The catalyst for this sudden decline was the US Securities and Exchange Commission (SEC)’s assertion that AXS and various other cryptocurrencies are securities, sparking lawsuits against both Coinbase and Binance.
Considered in a different light, the emerging green crypto project Ecoterra is currently thriving, recently surpassing the $5 million milestone in its native $ECOTERRA token presale. The Ecoterra project aims to encourage recycling and promote environmentally responsible actions through a Recycle-to-Earn system. To accomplish this, the project is developing a versatile, web3-based ecosystem powered by the $ECOTERRA token, prioritizing blockchain technology’s potential to benefit the environment.
While the Axie Infinity team continues to develop their game, some analysts are speculating that the token’s price could plummet to zero. Although these doom-and-gloom predictions seem far-fetched considering Axie Infinity’s progress, the near-term outlook appears bleak in light of recent events. If US courts determine that AXS is a security, tighter regulations could prompt US-based crypto platforms to delist the cryptocurrency. This would subsequently decrease demand and liquidity, potentially leading to further declines in the AXS price.
In contrast, Ecoterra continues to make strides in raising awareness and funds for its innovative platform. The company is currently running a successful crypto presale which has surpassed the $5 million benchmark. Their first-of-its-kind app rewards users with $ECOTERRA tokens every time they recycle, enabling a wider potential market reach. With the blockchain’s transparency enabling tracking of users’ environmental impact, this feature is anticipated to attract significant attention from eco-minded businesses looking to enhance their brand image and customer loyalty.
It is worth noting that while the future of AXS faces uncertainty in the wake of recent events, green web3 projects like Ecoterra are garnering increasing attention and investment. As the world seeks sustainable solutions in the fight against climate change, the potential for such projects to play an integral role in global environmental efforts looks promising. These contrasting outcomes highlight the volatile and ever-changing landscape of the cryptocurrency market, displaying the stark contrast between the struggles of established tokens like AXS and the successes of nascent projects such as Ecoterra.
Source: Cryptonews
